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FOMC Minutes Spark Brief Dollar Weakness

FOREX
  • The Greenback had been in favour for the majority of Wednesday with broad dollar indices hugging the highs approaching the July Fed Minutes.
  • Initial headlines expressing the broad set of views among Fed participants prompted a sharp dollar sell-off, trading the day's range within minutes and making fresh session lows.
  • The move was tempered and partially reversed as further details showed "Most participants noted that, provided that the economy were to evolve broadly as they anticipated, they judged that it could be appropriate to start reducing the pace of asset purchases this year".
  • EURUSD had previously tested below 1.17 for the first time since late 2020. The sharp greenback turnaround sparked a quick spike in the pair from 1.17 to 1.1742, before paring half the move. The potential false break of 1.1704/06 may be eagerly watched over coming sessions for signs of a reversal indicator.
  • NZD remained the laggard following the on-hold decision from the RBNZ, slightly against market consensus. The board cited the most recent national lockdowns but still foresee rate hikes in 2021 in what is being described as a hawkish hold.
  • USDCHF and USDJPY held on to 0.25% gains despite equities and the commodity complex remaining in negative territory.
  • Overnight, Australia will release their employment data before Thursday's US docket is headlined by Philly Fed Manufacturing Index.
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